Global transformers market to reach nearly $90b by 2030

APAC will lead this growth.

The global transformers market is expected to reach $89.34b in 2030, fueled by rising electricity demand, renewable integration, and grid modernisation. 

“This growth trajectory is being further supported by technological innovations, the evolution of market standards, and the burgeoning economic strength of developing nations,” said Bhavana Sri Pullagura, Senior Power Analyst at GlobalData.

Asia Pacific will lead this growth, thanks to robust regional investments. The Europe, Middle East, and Africa (EMEA) region, meanwhile, is seen to grow fastest, fueled by infrastructure upgrades and power sector reforms across developing economies in the Middle East and Africa.

GlobalData said that the global market for power transformers is projected to reach $35.83b, whilst the distribution transformers market is anticipated to attain $53.51b in 2030.

APAC’s power transformers market is set to grow from $12.35b in 2024 to $18.96b in 2030, whilst its distribution transformers market is projected to be the largest, with an anticipated value of $32.51bn in 2030.

Pullagura noted that the “global power transformers market is poised for growth, driven by the expansion of generation capacities, the realignment of power generation sources towards sustainability, and the burgeoning economies with underdeveloped power infrastructure. 

“The rise of distributed technologies further amplifies the demand for distribution transformers. To capitalise on these trends, manufacturers and stakeholders must focus on developing and deploying transformers that meet the evolving needs of the global power grid,” the expert added.